ETF Firm Hires SEC Ex-Chairman

In the race among exchange-traded-fund companies to get investor attention, WisdomTree Investments added another high-profile supporter, hiring former Securities and Exchange Commission chairman Arthur Levitt as a senior adviser.

Mr. Levitt is being given a stake in the company in exchange for his role, which Mr. Levitt says has yet to be formally defined.

Exchange-traded funds, or ETFs, are mutual funds that trade all day on a...